One of the most difficult parts of many divorces in New York State is the grueling task of dividing property. Of course, neither spouse is going to want to get rid of the assets they have acquired throughout the course of their marriage. Unfortunately, this is a task that must be dealt with in order to obtain the final judgment of divorce. In New York State, a judge will use the process of equitable distribution to divide marital assets and debts if the couple cannot make this decision on their own.
The court will rule in a fair and just manner on property division. This also means that they will not necessarily split the assets directly in half. One spouse may walk away with more than the other. Some of the factors that are considered by the court when dividing property include:
- The length of the marriage
- The age and health of each spouse
- The current and future potential earnings of each spouse
- The amount that each spouse contributed to marital property
- Child custody considerations, if applicable
The court will only divide property that is considered marital. Separate property is not considered in equitable distribution. If you have questions about divorce, contact our firm today.
The Law Office of Peter L. Jameson, PLLC is an experienced divorce and family law firm located in New City, NY. It is essential to retain effective legal guidance during such pivotal times in life. Contact our firm today to discuss your legal matter and get the quality legal representation you deserve.